Navigating the New Budget: Protecting Your Farm from a Tax Hit

[@andrewgrosset9327]

Brilliant video and interview! As Winston Churchill said in 1904 "For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." . This government doesn't understand that a country to prosper has to produce and export goods at a profit, taxing a countries ability to produce whilst favoring imports is a recipe for bankruptcy.

[@alexlock5844]

All farmers in the uk need to watch this video

[@oakashthorn5714]

Yes and call a General strike….

[@peterdyke196]

@@oakashthorn5714 not yet.

[@alastairarneil7582]

It’s marvellous how genuine a person you are to your employees.I don’t mean monetary it’s considering their feelings within your business and what they you do for you.What you do for them reflects their loyalty and respect for you. It’s pity we don’t have people like you running the country. I wish you and your business a prosperous future.At almost eighty years I’ve probably not a lot of time left.I wish I was your age as I value you and your company to help this country great for me and our nation as a whole. It a pity that this government take a page out of of your book and not be so short term minded. Alastair Arneil

[@frankcannon966]

Thank you for allowing us to eavesdrop on this business meeting; fascinating to realise the unintended consequence of this ignorance-based change in inheritance tax. I’m a professional risk-manager (mostly around adversarial risk) and it is right to say that mitigating this risk is about your tolerance to loss and potential negative impact. I echo your words; “if you are fearful of this change, please speak to someone and share your concerns.” Stoicism should not play a part here. Stay safe everyone.

[@quantarrow]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio

[@IshrakHossain-rt8is]

It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days

[@KaylaAnn11896]

Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.

[@mbnesbitt]

Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.

[@hamzahamza-bz3rf]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@ufuksenol2005]

Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

[@davidfisher5507]

Wise words James, thanks for letting us sit in on the meeting. Very interesting and useful. Speaking with my MP yesterday and i was urging him to go up the food chain and talk to machinery dealers, food processors, fuel companies etc. The reach and impact from our industry is huge. Glad you touched on it in the meeting. If you could get a companies like Cranswick etc helping fight our corner then it's got to help. Keep pushing.

[@mpcgamingclips]

What a great insight into the details this has been. Thank you, again, for taking the time to let us join you and your colleagues during what must be a very worrying and sensitive time for you and anyone else involved in this industry.

[@arbitrator1958]

Thank you, James, that was absolutely brilliant. I always enjoy your videos, but this was really useful. I fit into the bracket that you were describing slightly under 1000 acres 68 years old with a 34-year-old son wishing to take over. With my BPR and APR we are looking at a tax liability(after allowances) of £7 million which if we paid over 10 years at 20% would equate £140,000 per year. This simply is not possible as we all know from post tax profits. I've done an interesting exercise by working out some input prices and some output prices based on 2004 values and applying the RPI. In 2004 land was £2400 an acre RPI will £5025 an acre and when it is actually around about £10-£11,000 an acre!. Wheat was £110 in 04 - RPI £230, now £170. Nitrogen £128, RPI £264, actual £340 ( pre carbon tax!!) Labour £4.85 per hr, RPI £10: Actual £14.85. I could go on but you get you get the point...our input cost have gone up and our output values have gone down. Furthermore in 2004 we got approximately £100 an acre payments in subsidy now it is restricted to £8000 per unit in my case will be a little over £8.40 an acre!! That is why we can't pay this tax and would have to sell.

[@philipsankey988]

Well said

[@timmey40]

Excellent information James.. it's a credit to you and your family and staff..please do keep up the great informative shows.. P.X farms. .."Pure Xcellence" in Farming..Cultivating Excellence, One Harvest at a Time 👍👍💯

[@matthewhodder3029]

Excellent presentation, thank you James. I'm a non farmer, former Caythorpe student and I am thoroughly impressed with the common sense spoken around your boardroom table

[@gordondavies-morris649]

My I just say that you are a true farmer and gentleman. Watching your channel is amazing, thank you to you and all your team 👍

[@allanrobson7242]

What an excellent and very informative video, James. Respect to all farmers, I would have liked to have seen Rachel Reeves sat at that table with you.

[@merv690]

James thank you for allowing us to see that meeting, I am not a farmer but have been so concerned for farmer friends who have this massive worry , I am hopeful that they will find this of a great help,

[@kevinharker1840]

Against the Grain, the great Oliver Walston, a very forward thinking man, just remember the tories got us into this mess, Reform is the only way forward i'm afraid, this was excellent thankyou James and co.

[@kinlika]

Point of order - Those who voted the Tories into Office bear the responsibility for ''this mess'' ... Johnson,Putin,Orban,Fico,Farage... trump...et al.. would be nothing without the power of elected Office.. Those who voted for them knew what they would be getting..didn't they ? On the bright side we know what the USA has barrelling down the track toward it...

[@peterwilson-qj2ds]

Thank you James for letting us in on your meeting, we must all realize this is going to affect a wide range of people & companies. We must all stand together to show this government that we are not going to stand by and do nothing.

[@stuarttyson786]

Thank you for that, James. I feel so fortunate to have been advantaged myself by the 7 year rule prior to the death of my Mother. Following that I transferred that family farm capital value into my Canadian farm - tax free. We (as a family) have expanded the land base purchased in 1999 by a factor of 4. My son is now running the farm, he now has a son. I was the third generation on the UK farm I sold, but the family had been farming in the area since the 17th century. Hopefully the Canadian venture can continue to the third generation and beyond. The possible scale of the crisis caused by this Socialist tax policy if it is not stopped is incomprehensible. You touched on how many related businesses will be impacted, but if you think about it, if implemented and continued even for the life of this parliament, the combined effect of the removal of APR and BPR will prove to the world just how fundamental agriculture is to the entire operation of society as we know it. I sincerely hope Tuesday has the desired effect and would have been there but a last minute flight was going to cost me $2600!

[@nickw6304]

Very interesting video James thank you. It’s not just land, machinery and growing crops that fall into it, it’s the whole of the balance sheet so all the working capital, stocks, cash etc as well.

[@AndyTebble-14]

Very Interesting to see how your hypothetical scenario played out on the white board, thankyou ! 👏🏼

[@kevingovier5090]

Great viewing with the board meeting James, very interesting 👍 hope you meet Tom/Ginger, Funky farmer,Farmer P and olly Blogs especially, keep up the great videos James well done 🍻

[@smiffy_213]

Very sad news to hear about Oliver, I used to work at the garage which backs onto the farm and spent a couple of harvests at TFL doing a bit of driver cover and they are great bunch of lads

[@Dwightmenzies]

Several years ago i read a book called "becoming your own banker" and started using whole life insurance policies in my business. I have several members of my family insured as well as myself, all paid for through the business. These policies have a cash value that I can borrow against to use as operating capital throughout the year as well as the death benefit if anything should happen. I don't know if you have something similar in the UK but it's worked extremely well for me, thanks for letting us sit in on that meeting.

[@alistairdickson3462]

Thank you for allowing us to sit in on a very interesting discussion between yourself and your professional advisors and colleagues. Interesting since I am half way through a 7year gifting process. Good Health!

[@Nicknofish]

Great insight into the problems this government has created for the farming industry. I guess there are going to be experts making a lot of money off the back of farmers? It's sad that the people in government have never done a hard days work in their life!! Hope all goes well in London. Cheers.

[@fredfenwick7047]

Thank you for the insight on what the budget means to farms in real terms, I have driven track Marshall steel tracked crawlers in the past and I would say they are more manoverable when I look at the quad tracks they always look as they could a strange thing to get into corners of fields. Good luck with the march in London, it made me smile when you said Glyn was going to book a days holiday when you are going to do the concreting.

[@NeilMartinson]

So sorry to hear about Oliver walston he interviewed us for radio 4 on your farm back in 1999

[@johncone9516]

Thanks James that was an eye opener.

[@tynewydd100]

Great insight, thanks for sharing. Great advice at the end for the Tuesday London visit. Please keep up the "Ambassadorial" role for Farming. Not many of us can get the message over so eloquently with passion and knowledge.

[@nicklewis1475]

Very enlightening discussion, thank you. The labour government are just being purley spiteful, regarding all the increases, not just on farming!

[@JWBFarming]

The chap on your right went very quiet when the subject of going on the march was raised. Not much support to be had from the land agents, quite happy to send the farmers over the top!

[@grahamkelland]

Land agents cycling like vultures!

[@gunton21]

Interesting meeting some wise words from the gentleman with you 100%.

[@Reallygarlicky]

Extremely helpful James thank you for remaining positive in such difficult times👍

[@r5dou]

Great video, the wider reach of this policy has not been thought about dealers, manufacturers etc

[@drjonathanneville]

Quite superb analysis and one everybody who owns any sort of business or asset should pay heed to. If this wretched tax goes through on farmers, families and 'working people' one can be certain that any business, financial or commercial asset is lined up next.

[@thomasmacpherson5236]

Very interesting Andrew this talk about this inheritance tax with your business partners/directors in the budget from labour.

[@davidnorris6262]

Another interesting video James, i fully support you about this tax cheers.

[@peterclarke3300]

Great catch up video James it’s definitely a headache for the farming community,and beyond that people especially the government don’t seem to realise but, hopefully they come to their senses, good luck on Tuesday 👍👍 [a bit of light humour next time you see Rachel Reeves think Lego head that will cheer you up ]

[@paullawrence3541]

A small but additional cost of the IHT will be the valuation process to determine the tax.

[@paulwilliams3494]

Most interesting and it is of course relating to the classic two certainties in life. The treasury needs money and tax is what fills their till, I think the public do understand that bit. Farming has been an exceptional case in many aspects for a long time in relation to tax and governmental support. The farmers hit worst will potentially be the ones up until very recently who received large sums of money for simply owning their land. Farmers need to be prepared for that being thrown back at them. Marches are all well and good but I note not all attending your meeting wanted to join and I understand why. The press and public are very unlikely to understand all of this and the film from 34.30 minutes touched on that along with people living in bubbles. There is still a larger threshold and lower rate than in other circumstances, I think your idea to be getting down to planning and mitigation is the right answer. Until people are truly hungry, I hope it never comes here for everyone's sake, I am afraid the loss of understanding and appreciation of where the food comes from for the vast majority will remain, sadly, as far as the farming community goes. I hope the events in London are positive for the farming industry in general.

[@Frank-mn9qi]

Good content James,there was a under cover labour mp on the table disguised as a fly .

[@peterdennis9359]

Hello James sorry to hear about Oliver ,a nice insight of your business thinking

[@nigelhales874]

Thanks James

[@Konzea]

The big issue is the return on investment with farming land. With hill farming the rough annual profit is 1% of the land value. To make £30,000 a year you are looking at needing 300 acres of farmland costing around £3m. IHT gets a bit confusing with business tax relief and if properties are included but if you were to say you are paying tax on roughly £1.5m of the £3m, that's £300,000. You can pay that off over 10 years at £30,000 per year. £30,000 Profit - £30,000 Annual Inheritance Tax Bill = £0. A decade of making 0 profit.

[@grahamkelland]

And probably not reinvesting anything in the farm, so the business goes backwards very quickly!

[@andrewcrisp9700]

Wow, that was very interesting to watch..and quite scary, financially. Im stressing about my pensions..

[@DJC995]

Hi James & team nice one a look a possible solutions to the coming problem Have a good week Thanks again

[@sarahmansell3611]

Great video James it’s going to be a real wake call to a lot of farming families when you work out the figures Best hope for this is a short term in office for starmer😅

[@michaelshakeshaft9815]

I am 71 and remember my grandad saying that farming was the backbone of the country if farming was doing well the rest of the country was doing well, if not , well we can all now see why.

[@michaelshakeshaft9815]

A great video and as you said the Labour party have no idea how it is going to affect all the other business which rely on farmers to keep there business going . APR came in 1974

[@richardbaker22]

Great video James very informative

[@thomasmacpherson5236]

So much interesting information in this video I’ve just watched the whole thing twice very well explained Andrew every farmer or business which maybe affected by this new inheritance tax needs to watch this

[@PX_Farms]

Do you mean James

[@thomasmacpherson5236]

Sorry James, yes James I’ve just watched war dies waffle

[@skisavoie]

Very interesting video, lots of information, thanks. This government hasn’t learnt from the past, the socialists of the 1970’s destroyed the UK and this lot are going about it, in exactly the same way. Good luck to you all. I’ll be with you, in spirit, on Tuesday. Best wishes, Colin.

[@tomnash6252]

You touched on the rise in land values and CGT. Doesn’t gifting for 7 years now trigger a CGT payment now that is not off set if one dies within the 7 years? Could be very expensive payment now…

[@pauljohn6637]

Hi James, very interesting discussion but perhaps APR and BPR figures should of been added to the example. I’m not sure the insurance policy will be feasible on large amounts of value, but anything could help offset the penalty as I see it. This government is hell bent on bankrupting and destroying any essential business. Absolutely crazy and the knock on effect as seen with the Miners and Steelworkers is reprehensible. More people unemployed and paying in to the system and not spending on goods and services will far outweigh the stolen inheritance tax. It’s all negative, what happens when no one is left working? This is all deliberate orchestrated by the globalist WEF and dummies like this Socialist sell out government. 🙈🏴󠁧󠁢󠁷󠁬󠁳󠁿🇺🇸

[@andykeeble1]

Labour come across as a bunch of very ignorant and jealous government plebs. We thought that the Liz Truss budget was bad but the Reeves version is even worse. It contained so many stealth taxes not including the catastrophic taxes for farming in general. I hope the current round of protests get through to Starmer. He has been elected on a bunch of promises that he clearly had no intention of honouring. I am no longer involved in agriculture, but speaking as a very concerned member of public, I will support wholeheartedly, any protest against this unjust and ill conceived budget. Let us all gather to support our fantastic farmers and associated businesses.

[@andymercer8092]

Great update, really interesting

[@chrishoulden2768]

Interesting watch. Please get some woolly hats for sale. Caps and umbrellas not cutting it now

[@nicolassales8679]

We are going back to days of death duties that destroyed umpteen farms and estates. Oh and Agco are busy making 33% of the UK staff redundant!

[@marksayfritz913]

Great video James

[@adventtrooper]

By very wary of the life assurance small print. The "Guaranteed Death Benefit" can be subject to review, and will fall off a cliff over the age 80; in the case I now of, dropping from £45K at 80 to £22K at 82 and just £3K the year after (considerably less than the premiums paid). Given the UK average age of death is around 83, it was clear the insurance company had very little intention of paying out to half their policy holders. This has caused considerable concern to the remaining person as their spouse had taken out the policy some decades earlier in the belief it would cover IHT and now their children will need to pay anyway.

[@garryhealey1757]

Brilliant video 👍

[@ianrobinson254]

My thoughts are the government want more land to build on so let's push the farmers out and to add good luck to all the farmers on the 19 th

[@Andrew-yz1lb]

are all 34 of your land owning clients going to have to take out life insurance products? how much of that cost is going to be shared out of the farming "profits" ?

[@AndrewFraser-b5v]

Thanks, that was interesting to listen to. Looks like you'll need to get a new suit or an exercise bike!

[@angusfettes2891]

You will also be taxed on the insurance payout ?

[@PX_Farms]

Good point

[@Rob-zx8lm]

James, Sorry to criticise your meeting, but it did get off track 40% of the time. What if the next government revokes this APR & BPR in 5 years time. Do you require a lifetime or 10 yr life policy? Generous of your to let us into your planning meeting.

[@bendruitt7686]

Great video what was the insurance company that guy was advising?

[@RG-mk3ds]

I am trying to work out where rollover relief fits in with this. Would removing that have been a better idea I’m thinking of the rise in land values distorting the earning capacity ratio to value? I don’t know.

[@Rugbyman269]

It strikes me that the only small number here is the farmers profit . This government are absolutely insane .

[@Gazdavies48]

I feel the level of arrogance this current government seems to have they will not move an inch on the budget, handy to have the mismanagement of the past government and the alleged “black hole” which seems to vary on a weekly basis

[@Ben-t1z]

Who is that guy standing remarkably very still in the corner in that office. doesn’t even blink

[@JRMillican]

After foot and mouth the amount of people that left farming was colossal due to them realising that real life wages were half min wage in farming Exp.£6 per hour compared to £15. Biggest problem was three generations needed housing.Most people in there forties would have fifty percent plus colatural in housing and older generations 60plus would own there own property outside farming.In farming families that's not the case as any spare money invested back into the farm.

[@williamritchie172]

The labour government will have to fix this or its the beginning of the end for farming in the uk. They haven't a clue the can of worms they are opening with this one. It makes lizzy Truss look good. My god!

[@edwardcodd3981]

People start and develop business to employ people and generate wealth (that is what business is about) then people like this government and especially this chancellor who are not going to take any personal risk want to take what you have worked for.

[@alansealey3899]

What if all the machinery was leased rather than owned. Would that figure fall out of the equation?

[@timstead1652]

Can putting asssets and shares into trust funds , in trust for family members be an option

[@markjones4704]

they can get roumd it mosty.its.there moment to get better returns on what they grow amd muture to !ake farms viable

[@Robstew9000]

I wonder if that spider on the table was listening in.

[@samuro843]

Great video as always,but audio is fucked some times cant hear anything,and the ads rip my ears outb😅

[@Mike-k4e2i]

Good insight but does not make the long term risk bearable, however Labour may be gone in 5 years but its the amount of spin off industries associated with farming which will suffer the same fate.

[@littledavey2169]

PX FARMS VERY PROFESSIONAL FARMER'S. 🤙 🦊

[@WillHughes-gz2zl]

You also need to throw into the equation when the seiner figure head is fitting a terminal cancer diagnosis . What we had put in place the government has just rough shod all over it. I have life cover to protect my children if I die it was to pay the debt of increasing the poultry enterprise but will now go to the government we have meetings next week to discuss which is the best way to go. Me I would like to go to Canada but there is a worse position than us it’s all about carbon and how quickly he can stand on the world stage and say we are carbon free while the people starve

[@timstead1652]

Is leasing equipment a better option

[@richardmatthews3304]

If you gift your land surely that would limit your ability to borrow money using the land as collateral

[@martinoregan1059]

Would taking out a policy to cover the Tax , add to the problem, would it increase the value of Assets, It's the next Generation will be liable, not the 70 year olds,

[@paulbarnes3791]

Thank you for explaining this inheritance tax think all of us were unclear to a point, battling weather and all the other stressful things farming faced I really hope people don't take there own life,

[@Shaunalexander.99]

Who is the chap stood in the corner James?. Not much input from him !

[@PX_Farms]

Nicks twin

[@aitch69]

Good luck James, considering the aspirations of this Lousy government.

[@adrianhutchin4925]

Lovin Nick so as he is Clarke Kent - surely Superman can stop Fackmar and Reeves 😂 what you rsaying makes so much sense, thought can you Capex the investment thus losing the real value over 5 years etc?

[@Twidile1]

Interesting ! risk management wee should all go on a diet so wee don't die off a heart attack before this lot are kick out. Vote Reform

[@markyoull6744]

great video james i surport farmers 100% but i dont have faith in nfu this ralley on tues is set up to fail starmer has said he will surport budget all day long i beleve it would have bean better farmers going on mass with tractors and choke the city if farmers strike and we end up with shelfs empty the poor suffer and elderly will suffer and thats when farmers will lose public surport but thats just my opinion

[@paulstinson4956]

very interesting

[@andrewscoley]

Politics of envy at play. They do not know what thy doing or maybe they do, which is a lot worse.

[@spex357]

The aim is to get rid of the middle class, and private ownership. No one will own an asset. The aim is you will own nothing, and be happy, according to Klaus Schwab of the WEF.

[@roberthiggins6401]

Would it make any difference if the business was a corporation with a ceo? I cannot see in the great grandfather scenario, why you cannot skip a generation or two, if they're of age and have to be of age? There must be loop holes and things that are subject to interpretation? I'd bet those up there don't pay any iht so perhaps it needs demanding that they show evidence of iht in their circles? They need to be challenged in every way possible! Crowd fund i? I'm sure many peeps would chip in and they should find themselves out of their own pocket and not with tax payers money!

[@carlmiller2603]

Nothing as certain in this life as Death and Taxes... Why should Farmers be exempt from the latter.....discuss

[@roberthiggins6401]

They pay all taxes Carl it's only iht and you'll find most proper farmers where the owner mucks in are cash poor. Remember it's cost a lot to buy a farm and by handing it down there's a better chance of children taking over and children will have knowledge passed down. In this situation, very few will want to carry on the farm and that is the goal of this very dodgy administration! We are heading the direction of Mau, Stalin etc. It's common knowledge to those that look that 15 minute cities and twenty minute neighbourhoods are not a conspiracy.. ghettos Basicly. C40 cities around the world headed by that lovely fella khan. Wef, un, plus loads of secret societies, masons etc and a few families like roth child's, rock a fella etc.

[@carlmiller2603]

@@roberthiggins6401 You mention Mau, Stalin, WEF, 15 minute Cities, 20 minute neighbourhoods.......I recommend a single malt and a sit down and quiet reflection. Does all seem rather a bit extreme. You did mention conspiracy however....... so maybe there we have it !!!

[@BradleyHunter-er2uj]

Very informative video , if you's need any tips on quality rioting the people of Northern Ireland are experts 😂

[@stephenbaird9384]

No such thing as a free lunch 😂

[@Skidoo22]

You're living a nice life, pay more tax!

[@philipsankey988]

Would you want the liabilties he has around the neck?

[@Skidoo22]

@philipsankey988 You reap what you sow

[@kevinharker1840]

You have no idea mate.

[@thomasstamp8718]

A plumbers family doesn't pay tax on his tools when he dies ,land is the tool that a farmer makes his living from.

[@stevenheughebaert5464]

@@thomasstamp8718 good comparation!

[@mowerman60]

Irrespective of all that is happening,the UK govt of the day,has, for the last 54 yrs,trodden on British farming. How much will it take for the genuine country people of The British Isles to stand up and say "no more". If you stopped sending any ag produce off the farm,within one week the treacherous supermarkets and their bought and paid for MPs would be hamstrung. Why can't British farmers stick together !!!!!

[@wyndhamhewlett8223]

HAVE YOU READ AGENDA 2030??